Global financial and commodity markets are warning that the US Dollar is in for a bout of trouble, warns BofAML’s Macneil Curry. Across asset classes, Curry points out that Gold was the first to make its low against the US Dollar, doing so back on Dec-15. The second market to turn against the US Dollar was US Treasuries, with Ten year note futures turning bullish back on Dec-26. Currently, the FX market – most specifically GBP – is breaking out and pressuring the US Dollar. Finally, the Japanese stock market continues to suffer, putting downward pressure on USDJPY and thus US Dollar weakness.
Via BofAML’s Macneil Curry,
Gold breaks pivotal resistanceL